As much as I hate the fact that my money is going to idiots who pretty much bankrupted AIG, the method congress is using now is scary at the least. Not only is it most likely unconstitutional, it’s downright scary. First it starts with AIG bonuses, then with more govt control over other industries, where does it end. Are we going to have the government dictate what type of car we can buy or what we can buy for our house or go on a certain vacation because our home mortgage might be insured thru Freddie Mac or Fannie Mae?
The demonrats knew all along that the AIG bonuses were going to be paid, and they even made sure of it by having the amendment in the porkulus bill. They thought they could slip this in without anybody noticing. Now that they have been exposed, they show their faux outrage about it. I can hardly wait until 2010 so we can clean house.
Although many of us may disagree with AIG’s paying of these bonuses that’s not the real issue. The issue is that congress rushed through this “stimulus bill” and didn’t read the fine print, which allows AIG to pay these bonuses. Their response is to point fingers at each other saying that’s not their fault. Where is the accountability with these politians?
These are the same people to said we really didn’t need to read the lenghty documents when re-financing our homes. If we didn’t like the outcome, we could ask big goverment to bail us out.
Where is the personal responsibility and accountability? Obviously, there is none.
I am a long standing AIG shareholder and completely disagree with paying any bonus to anyone in the units that have lead AIG to being in this situation. However I also work in the industry and that fact is that AIG people from what will likely be the leaders of the go forward units are leaving in large numbers. Clearly Liddy had to do something and honoring contract law between employee and company is one way of doing it.
Does anyone think that yesterdays fiasco looked like something more common to Russia than the USA? I guess the panel thought they would keep their jobs at the next election if they slapped around a honest and respectful $1 a year CEO. Great job Congress. Hope your constituancies were watching and vote you out on the next election.
Finally some of the rhetoric coming out of congress is simply in violation of the consitution and contract law. When we start throwing these pillars out the window we might as well go back and live in caves.
And we wonder why banks are tripping over themselves to return TARP funds? I want these looney tunes in congress to return 100% of their pay (AND under the table bonuses, AND re-election funds) to the US citizens. More than AIG – and for a longer period of time – they’ve proven their incompetency. I WANT MY MONEY BACK!
Well that first rescue package was approved under the Bush administration. Bush did not set any guidelines in place when that money was sent and bonuses were paid out than. Its an never ending story…cleaning up the mess that was created before this president took office.
I’m sick of everyone screaming about socialization. Many Americans need to point the finger at themselves, as we to have been living beyond our means and making uwise choices (like re-electing Bush). At least President Obama is trying to clean things up, give the man a chance he just got into office. If your complaining about the problem than your wasting time, how about you figure out a solution or maybe you should have ran for President. Pass it on to the other whiners!
Aren’t bonuses awarded when a company makes a profit? What exactly was the wording in these contracts with these execs? Now the government wants to tax the recipients 90% AFTER the fact? Seems like a good idea, but is it legal? What about other recipients of the bail-out money? Will they tax those who received bonuses as well?
Let the Bush thing go already. I’m so tired of excuses from the Dems. You don’t see republicans defending everything Bush did, in fact most of us are willing to criticize many of the errors he made.
If my memory is correct, the “bailout” from last year, when Bush was president, was the brainchild of congress… In fact, they wanted Bush to accelerate the process. I’m certainly not big a fan of Bush, but I’m even less a fan of the congress with a single digit approval rating.
BTW, Obama and McCain both engineered, supported and voted for this horrible bailout.
With that said, Obama knew the deal he was walking into when he was elected, or at least he told everyone he did. He ought to try leading for a change, instead of letting Pelosi, Reid, Dodd and Frank set the agenda and run the show!
Great and accurate comments. Throw Paulson’s name in the mix and we could have a very large public hanging of governmental officials. :-)
Good news is, sarcastically speaking of course, is Obama’s plan on taxing the very wealthy will never happen as our wealthy politicians won’t allow that to happen to them. Good job America on electing change, because full change would have been voting out your House of Representatives and Senators, which most stayed in place.
We are setting some serious precedent in this country of ours. What about the other bonuses doled out under tarp to recipients last year; are we going to go back and deal with those under this bill if it passes? What a bunch of hypocrites; enough of this grand-standing! We the people should sponsor a bill to fire them when they screw up, (ie accept under the table bribes, not pay their taxes, etc.) No pay raise if they fail to deliver on campaign promises!
Granted the FP guys should not have gotten a dime but worse of all AIG name and employees (not the FP guys) got screwed in every way (screwed by former CEOs, AIGFP, Paulson,Fed & Treasury as they knew about the bonuses and finally screwed by the Gov’t.) I guess we are all screwed! AIG is now the official scapegoat for any and all Govt. incompetence.
I bet AIG is now thinking structured bankruptcy was a great option back in September. Never listen to the Goldman guy in the room!
Maybe we should all read the AP story that came out yesterday about Fannie’s and Freddie’s bonuses. All government approved. You’re right about them being hypocrites.
Thank you, I’m glad that I’m not the the only one that saw him being slapped around
Three little words. Ex post facto….
What idiots we have elected.
As much as I hate the fact that my money is going to idiots who pretty much bankrupted AIG, the method congress is using now is scary at the least. Not only is it most likely unconstitutional, it’s downright scary. First it starts with AIG bonuses, then with more govt control over other industries, where does it end. Are we going to have the government dictate what type of car we can buy or what we can buy for our house or go on a certain vacation because our home mortgage might be insured thru Freddie Mac or Fannie Mae?
The demonrats knew all along that the AIG bonuses were going to be paid, and they even made sure of it by having the amendment in the porkulus bill. They thought they could slip this in without anybody noticing. Now that they have been exposed, they show their faux outrage about it. I can hardly wait until 2010 so we can clean house.
Although many of us may disagree with AIG’s paying of these bonuses that’s not the real issue. The issue is that congress rushed through this “stimulus bill” and didn’t read the fine print, which allows AIG to pay these bonuses. Their response is to point fingers at each other saying that’s not their fault. Where is the accountability with these politians?
These are the same people to said we really didn’t need to read the lenghty documents when re-financing our homes. If we didn’t like the outcome, we could ask big goverment to bail us out.
Where is the personal responsibility and accountability? Obviously, there is none.
I am a long standing AIG shareholder and completely disagree with paying any bonus to anyone in the units that have lead AIG to being in this situation. However I also work in the industry and that fact is that AIG people from what will likely be the leaders of the go forward units are leaving in large numbers. Clearly Liddy had to do something and honoring contract law between employee and company is one way of doing it.
Does anyone think that yesterdays fiasco looked like something more common to Russia than the USA? I guess the panel thought they would keep their jobs at the next election if they slapped around a honest and respectful $1 a year CEO. Great job Congress. Hope your constituancies were watching and vote you out on the next election.
Finally some of the rhetoric coming out of congress is simply in violation of the consitution and contract law. When we start throwing these pillars out the window we might as well go back and live in caves.
This is a farce resulting from a scam. They knew about the bonuses. If they didn’t then they have admitted to incompetence.
Once exposed, Congress whipped up public outrage then cites that public outrage to justify passing what amounts to a “bill of attainder.” (Google it!)
All of this to distract citizens from the true travesty, that they bailed out AIG who donated big bucks to Dodd and Obama.
But, what the heck, let’s move on to socialized medicine, right?
And we wonder why banks are tripping over themselves to return TARP funds? I want these looney tunes in congress to return 100% of their pay (AND under the table bonuses, AND re-election funds) to the US citizens. More than AIG – and for a longer period of time – they’ve proven their incompetency. I WANT MY MONEY BACK!
Well that first rescue package was approved under the Bush administration. Bush did not set any guidelines in place when that money was sent and bonuses were paid out than. Its an never ending story…cleaning up the mess that was created before this president took office.
I’m sick of everyone screaming about socialization. Many Americans need to point the finger at themselves, as we to have been living beyond our means and making uwise choices (like re-electing Bush). At least President Obama is trying to clean things up, give the man a chance he just got into office. If your complaining about the problem than your wasting time, how about you figure out a solution or maybe you should have ran for President. Pass it on to the other whiners!
Kin is partially right but misses the point. When you find a house on fire, you don’t pour gasoline on the fire.
More to the point is the “First Rule of Holes” which states that the first thing you must do if you want to get out of a hole is STOP DIGGING!
Josh, I guess I touched a nerve, didn’t I?
What I did not do was whine like you. I also did not judge or insult anyone like you did.
Aren’t bonuses awarded when a company makes a profit? What exactly was the wording in these contracts with these execs? Now the government wants to tax the recipients 90% AFTER the fact? Seems like a good idea, but is it legal? What about other recipients of the bail-out money? Will they tax those who received bonuses as well?
Let the Bush thing go already. I’m so tired of excuses from the Dems. You don’t see republicans defending everything Bush did, in fact most of us are willing to criticize many of the errors he made.
If my memory is correct, the “bailout” from last year, when Bush was president, was the brainchild of congress… In fact, they wanted Bush to accelerate the process. I’m certainly not big a fan of Bush, but I’m even less a fan of the congress with a single digit approval rating.
BTW, Obama and McCain both engineered, supported and voted for this horrible bailout.
With that said, Obama knew the deal he was walking into when he was elected, or at least he told everyone he did. He ought to try leading for a change, instead of letting Pelosi, Reid, Dodd and Frank set the agenda and run the show!
Great and accurate comments. Throw Paulson’s name in the mix and we could have a very large public hanging of governmental officials. :-)
Good news is, sarcastically speaking of course, is Obama’s plan on taxing the very wealthy will never happen as our wealthy politicians won’t allow that to happen to them. Good job America on electing change, because full change would have been voting out your House of Representatives and Senators, which most stayed in place.
“Union Auto Workers Contracts in Jeopardy After Congress Violates AIG Employment Agreements” hahahahahaha “Film at 11.”
Oh, oh. Just a dream!
We are setting some serious precedent in this country of ours. What about the other bonuses doled out under tarp to recipients last year; are we going to go back and deal with those under this bill if it passes? What a bunch of hypocrites; enough of this grand-standing! We the people should sponsor a bill to fire them when they screw up, (ie accept under the table bribes, not pay their taxes, etc.) No pay raise if they fail to deliver on campaign promises!
Granted the FP guys should not have gotten a dime but worse of all AIG name and employees (not the FP guys) got screwed in every way (screwed by former CEOs, AIGFP, Paulson,Fed & Treasury as they knew about the bonuses and finally screwed by the Gov’t.) I guess we are all screwed! AIG is now the official scapegoat for any and all Govt. incompetence.
I bet AIG is now thinking structured bankruptcy was a great option back in September. Never listen to the Goldman guy in the room!
Maybe we should all read the AP story that came out yesterday about Fannie’s and Freddie’s bonuses. All government approved. You’re right about them being hypocrites.